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IMF: Iraq began to withdraw from its reserves and requested our assistance
May 5, 2015
BAGHDAD
Director of the Middle East and Central Asia Department announced at the International Monetary Fund Masood Ahmed, Tuesday, that Iraq's request financial assistance from the Fund, and as he emphasized that an agreement may be a loan of about $ 800 million in a matter of weeks, pointed out that Iraq has begun to withdraw from its reserves.
Ahmed said in a statement to "Reuters", that "Iraq's request for financial assistance from the Fund," noting that "competent committees in this regard will work in the coming weeks, we hope to reach an agreement relatively soon."
Ahmed said, "it is likely to provide the loan through rapid funding mechanism will be relatively small at about $ 800 million," explaining that "Iraq has begun to withdraw from its reserves and is likely to grow slightly economy after a contraction of 2.4 percent recorded in 2014".
And between, that "the Finance Minister Hoshyar Zebari and Prime Minister Haider al-Abadi fully aware that there is a problem, and are committed to finding a solution within the constraints they face."
The International Monetary Fund pave the way for Iraq to get larger loans from the Fund pack when needed but such loans may require greater commitments on economic policies adopted. \ ST \
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May 5, 2015
BAGHDAD
Director of the Middle East and Central Asia Department announced at the International Monetary Fund Masood Ahmed, Tuesday, that Iraq's request financial assistance from the Fund, and as he emphasized that an agreement may be a loan of about $ 800 million in a matter of weeks, pointed out that Iraq has begun to withdraw from its reserves.
Ahmed said in a statement to "Reuters", that "Iraq's request for financial assistance from the Fund," noting that "competent committees in this regard will work in the coming weeks, we hope to reach an agreement relatively soon."
Ahmed said, "it is likely to provide the loan through rapid funding mechanism will be relatively small at about $ 800 million," explaining that "Iraq has begun to withdraw from its reserves and is likely to grow slightly economy after a contraction of 2.4 percent recorded in 2014".
And between, that "the Finance Minister Hoshyar Zebari and Prime Minister Haider al-Abadi fully aware that there is a problem, and are committed to finding a solution within the constraints they face."
The International Monetary Fund pave the way for Iraq to get larger loans from the Fund pack when needed but such loans may require greater commitments on economic policies adopted. \ ST \
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